Corporate Updates – 04-02-2015


The DGFT has notified the new dates for operationalisation of the new system of applications for online IEC with effect from 01/02/2015. Earlier it was proposed with effect from 01/01/2015, however, kept in abeyance vide Public Notice No. 80 dated 6.1.2015. Applicants having access to net-banking facility with the 10 (Ten) notified banks, can apply online in the format prescribed and all other applicants can submit manual applications for IEC, in physical form in the existing format (ANF-2A) and procedure with documents as prescribed therein, until further notice.


CBDT in a welcome step has accepted the decision of the Hon’ble High Court of Bombay in the matter of Vodafone India Services Private Limited, wherein the Court has held, inter-alia, that the premium on share issue was on account of capital account transaction and does not give rise to income and, hence, not liable to transfer pricing adjustment. CBDT has also instructed all its field officers, ITAT, DRP’s & CSIT (Appeals) that the ratio decided of the judgment must be adhered in all cases where this issue is involved.

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